Fixed-rate certainty
A fixed rate keeps the contractual rate stable for the term. It can make budgeting easier, but penalties for breaking the mortgage may be calculated differently between lenders and can be significant.
Today's Mortgage Rates
| Mortgage Type | Rate (%) | Notes |
|---|---|---|
| 1 Year (Fixed) | 4.84 | |
| 3 Year (Fixed) | 4.24 | |
| 5 Year (Fixed) | 4.24 | |
| 7 Year (Fixed) | 5.15 | |
| 5 Year (Variable) | 4.20 | |
Last updated:
Compare Canadian Mortgage Rates Easily
Looking for the best Canadian mortgage rates? Whether you’re buying your first home, refinancing, or renewing, understanding current mortgage interest rates is essential. Use our mortgage calculator to estimate your monthly payment and find the best fit for your financial needs.Current Canadian Mortgage Interest Rates
Rates fluctuate based on the Bank of Canada’s prime rate and market conditions. Here’s what you need to know about today’s mortgage rates:- 5 year fixed mortgage rates
- Variable rate mortgages
- 3 year fixed mortgage rates
- Refinance mortgage rates
- Adjustable rate mortgage options
Why Use a Mortgage Calculator?
A mortgage calculator helps estimate your total cost, interest, and affordability. Know how your down payment, amortization, and mortgage term affect your monthly payment. This is crucial when comparing:- Fixed rate mortgages vs. variable rate mortgages
- 5 year fixed rate vs. 3 year fixed rate
- Refinance mortgage loans
Best Mortgage Rates in Canada
We work with top lenders to bring you competitive rates from major banks and credit unions including:- TD Bank mortgage rates
- Scotiabank mortgage rates
- Manulife mortgage rates
- First National mortgage rates
- Desjardins, Simplii, MCAP, and more
Fixed vs Variable Mortgage
Fixed mortgage rates provide long-term stability—popular with first-time buyers. Variable rates may offer savings when rates are low but carry more risk. Not sure what’s right for you? Our calculator can help compare.Estimate Your Mortgage Payment
Use our mortgage payment calculator to estimate:- Total loan amount
- Amortization period
- Interest paid over time
- Monthly, bi-weekly, or accelerated payments
Renewals and Refinance
Renewing your mortgage? Our tools help you compare mortgage renewal rates to save money. Considering refinancing? Estimate your savings with our refinance calculator.Find the Lowest Mortgage Rates Today
Rates are competitive—compare top lenders to find the lowest rate for your situation. Whether you’re interested in a 30 year mortgage or a shorter term, our site gives you the tools to make the right decision.*Mortgage rates may vary by province and are subject to change without notice. All approvals are OAC (On Approved Credit).
Hawk Mortgage knowledge
How to compare Canadian mortgage rates
The best mortgage rate is the best complete fit—not automatically the smallest number in a table. Compare products using the same term, mortgage type and assumptions before deciding.
Variable-rate flexibility
A variable rate moves with the lender’s prime rate. Payments may change, or the payment may stay fixed while the interest portion changes, depending on the product. Understand the trigger-rate and payment rules.
Look beyond the posted number
Ask about prepayment limits, portability, conversion options, restrictions, qualification requirements and how penalties are calculated. These details can outweigh a small difference in rate.
Questions people ask
Why do Canadian mortgage rates differ by borrower?
Rates can vary by loan-to-value ratio, insurance status, property use, term, amortization, transaction type, credit and lender policy.
What is the difference between fixed and variable mortgage rates?
A fixed contractual rate remains stable for the term. A variable rate changes with the lender’s prime rate; payment behavior depends on the product.
Can a displayed mortgage rate change before closing?
Yes. Rates and eligibility can change. A lender-approved rate hold may protect a rate for a defined period, subject to its terms and final approval.